I have about 14 lakhs of debt to pay from my UG loan. I am about to start my residency where stipent is 50k not sure how much in hand. I am from lower middle class background and also want to support my father financialy for my elder sister’s marriage. How do I go about saving, paying EMI of loan and investing? I want pay my loan as soon as possible to get off that burden. Can anyone pls advise? Or any source where I can learn my financial planning? Thanks in advance
Extend the tenure of loan repayment to as long as possible. If you stretch it to 15 years, you might need to pay around 10k or lower in EMI. If you save 20k a month, you should be able to save 5L in two years. And don’t splurge on any wedding, it’s absolutely not worth it. 5L should cover half the cost of a modest wedding.
If you want to invest, invest in low risk instruments like government bonds and index funds. Do not trade or invest in high risk securities or junk bonds. If things go right, you should get a blended return of 5-10%. That’s not much for a corpus of 5L.
You can also take out personal loans but one would be ill advised to do so for something as meaningless as wedding paraphernalia.